Klever
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
  • Login
  • Register
Klever News
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
Klever News
Home Global
indian crypto holders

Indians are the seventh largest crypto holders globally

With crypto adoption growing, various reports have suggested that the exposure of Indian investors is increasing.

by Jagdish Kumar
August 30, 2022
in Global
Reading Time: 4 mins read
3k
A A
0
Share on FacebookShare on Twitter

A report published by the United Nations Conference on Trade and Development (UNCTAD) revealed that over 7.3% of Indians are holding some form of cryptocurrency in 2021.

There were various reports by Indian media that over 15 million users are holding crypto, but now after the UN report, it is now clear that over 102.2 million citizens have some form of cryptocurrency in their investment portfolio.

You might also like

K5: a bright future ahead with the community being the biggest inspiration 

K5: a bright future ahead with the community being the biggest inspiration 

February 3, 2023
7.3k
Klever is your go-to DeFi solution 

Klever is your go-to DeFi solution 

February 1, 2023
7.3k

India, which is just second to China with a population of over 1.4 billion, is expected to become the most populated nation in the next few years.

The report found that during the past few years, crypto is slowly increasing its presence, as citizens not only in metro cities, but rural areas are buying it in large numbers.

In order to tackle the growing crypto influence, the Reserve Bank of India (RBI) tried to bring all sorts of regulations, but it was struck by the Supreme Court of India.

In order to curtail crypto adoption, the Indian government imposed a 30% tax on profit and 1% TDS on each crypto transaction, which impacted daily trading, but even that was not enough to hold the crypto bandwagon.

According to the UNCTAD report, 15 of the top 20 countries in terms of ownership of digital currencies were developing nations, with India coming in seventh, one place below the US. 

Ukraine topped the list, where 12.7% of the populace is crypto-asset owners, while the UK and Australia occupied the 13th and 20th positions respectively. Whereas, India’s western neighbor, Pakistan made it to the list in the 15th spot.

The report claims that during the COVID-19 pandemic, cryptocurrency adoption exploded globally.

People turned to cryptocurrencies to enable cross-border payments as remittance fees skyrocketed during the lockdown and different disturbances made it challenging to move fiat dollars outside. These digital assets provide a speedy and economical avenue for remittance in addition to their wild price growth.

According to the findings, crypto assets were employed as a hedge by middle-class families in developing nations against the value decline of fiat money. This was yet another important factor in the sudden rise in ownership of digital currencies.

According to a UNCTAD report, between September 2019 and June 2021, the cryptocurrency ecosystem grew by more than 2,300%. However, as regulatory agencies have cracked down hard on cryptocurrencies, Indian investors have grown wary of these digital assets.

However, the report also cited various concerns about the growing importance of cryptocurrencies globally and chalked out plans on how to control the growing adoption of crypto assets.

UNCTAD said that crypto could jeopardize the monetary sovereignty of many nations; it could also pose a severe risk to the country’s financial stability and promote tax evasion.

Crypto could jeopardize monetary sovereignty

Recent market shocks involving digital currencies indicate that there are private dangers associated with holding crypto, but if the central bank intervenes to preserve financial stability, the issue becomes a public one.

The monetary sovereignty of nations may be in jeopardy if cryptocurrencies take off as a common method of exchange and even informally displace national currencies.

Stablecoins provide special hazards in poor nations where there is an unmet need for a reserve currency. The International Monetary Fund has stated that cryptocurrencies pose dangers as legal money for some of these reasons.

A public digital system must be promoted

A domestic digital payment system that acts as a public utility is said to be able to satisfy at least some of the motivations for cryptocurrency use and restrain the growth of cryptocurrencies in emerging nations.

The monetary authorities may offer a central bank digital currency or, more likely, a quick retail payment system, depending on national capabilities and demands. UNCTAD implores policymakers to preserve the issuance and circulation of cash since doing otherwise runs the risk of highlighting the digital gap in developing nations.

Cryptocurrencies can promote tax evasion

While cryptocurrencies can make remittances easier, they may also make it possible to evade taxes and avoid paying them through unauthorized transfers, much like a tax haven where ownership is difficult to trace.

As a result, capital controls—a crucial tool for developing nations to maintain their policy space and macroeconomic stability—might become less effective.

Steps needed to curb the crypto expansion

• Enforce thorough financial regulation of cryptocurrencies by regulating digital wallets, cryptocurrency exchanges, and decentralized financing as well as prohibiting regulated financial institutions from storing cryptocurrencies (including stablecoins) or marketing related products to customers.

• Limit cryptocurrency advertising, just like you would for other high-risk financial instruments.

• Establish a public payment system that is secure, dependable, and reasonably priced for the digital age.

• Agree on and put into practice international tax cooperation in relation to cryptocurrency taxation, regulation, and information exchange.

• Redesign capital controls to account for cryptocurrencies’ decentralized, global, and pseudonymous characteristics.

With the growing adoption of crypto, it is certain that international agencies like the IMF and the UN are not very positive about the development of crypto as they fear that people will be free from the clutches that make them redundant in many aspects.

Tags: crypto holdersindiaindian crypto users
Previous Post

Aave Community Aim to Halt Ethereum Lending Ahead of the Merge

Next Post

How does a crypto Ponzi scheme work?

Jagdish Kumar

Jagdish Kumar

Reporting & writing on crypto & blockchain for the past few years. A content eagle, journalist & writer with a passion to explore new technologies that can change human lives. Joined Klever to make Crypto simple. Follow me on Twitter @TokenBharat or email me at jagdish@klever.io

Related Stories

K5: a bright future ahead with the community being the biggest inspiration 

K5: a bright future ahead with the community being the biggest inspiration 

by Maluh Bastos
February 3, 2023
0
7.3k

Klever K5 Wallet’s launch has been the buzz in the last few days. The new and improved Klever Wallet app...

Klever is your go-to DeFi solution 

Klever is your go-to DeFi solution 

by Maluh Bastos
February 1, 2023
0
7.3k

The DeFi world is growing fast. Therefore, having a trustable and effective platform to navigate this universe can help users...

Time to start using K5: learn how to migrate to the new Klever wallet app version

Time to start using K5: learn how to migrate to the new Klever wallet app version

by Maluh Bastos
January 31, 2023
0
7.3k

KleverChain’s launch in 2022 was one of the biggest accomplishments for the Klever Ecosystem.  Klever’s very own blockchain is bringing...

Use cryptocurrency and blockchain for transparent and secure voting

Use cryptocurrency and blockchain for transparent and secure voting

by Warren Manuel
January 30, 2023
0
7.3k

The integrity of democratic voting systems is crucial for the functioning of a healthy democracy. In recent years, there has...

Next Post
Crypto Ponzi Scheme

How does a crypto Ponzi scheme work?

KleverChain Mainnet Upgrade v0.4.10

KleverChain Mainnet Upgrade v0.4.10

Please login to join discussion
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recommended

Ethereum

Coin of the Week: Ethereum (ETH)

November 14, 2021
7.5k
Tron (TRX)

Coin of the Week: Tron (TRX)

May 19, 2022
7.5k

Popular Story

  • Stand a chance to win your share of 10,000 KLV

    Stand a chance to win your share of 10,000 KLV

    8335 shares
    Share 3334 Tweet 2084
  • Test drive Klever Wallet, K5 and Win 1000 KLV & 1 KFI

    7021 shares
    Share 2808 Tweet 1755
  • Bitcoin battles back from record losses to $21,000

    5914 shares
    Share 2366 Tweet 1479
  • Klever showcases its blockchain ecosystem on a Time Square billboard

    5358 shares
    Share 2143 Tweet 1340
  • K5 adds new blockchain and KleverSafe support in the latest Android version

    5070 shares
    Share 2028 Tweet 1268

Follow us on Twitter

Klever News

Join the Klever community
Growing together we are stronger.
Be sure to follow us on social media to stay up to date.

Categories

  • Announcements
  • Coin of the Week
  • Education
  • Exchange
  • Games
  • Global
  • Hardware Wallet
  • Market Updates
  • NFTs
  • Opinions
  • Sponsored
  • Wallet
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recent News

K5: a bright future ahead with the community being the biggest inspiration 

K5: a bright future ahead with the community being the biggest inspiration 

February 3, 2023
Klever is your go-to DeFi solution 

Klever is your go-to DeFi solution 

February 1, 2023
  • Sponsored Content
  • Advertise
  • Contact Us
  • RSS Feed

© 2022 Klever News - Premium Crypto news & insights by Klever Finance.

  • Login
  • Sign Up
No Result
View All Result
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version